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Franks Happy Place posted:The Globe and Mail, via Ben Rabidoux: After six years, you're still paying down a car that has lost almost all its value and thanks to planned obsolescence, no longer has warranties and is increasingly unreliable. What the christ.
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# ? Nov 20, 2014 20:37 |
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# ? May 21, 2024 17:59 |
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etalian posted:I hope at least the 1 percenter commercial will be remembered: Who the gently caress thought that commercial was a good idea?
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# ? Nov 20, 2014 20:52 |
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Why Rent? When you can own? "When you can own? How is equity formed?"
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# ? Nov 20, 2014 20:52 |
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sbaldrick posted:Who the gently caress thought that commercial was a good idea? My favorite part is where they're too wimp to serve from the katana swiped champagne bottle and instead swapped it for a fresh one.
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# ? Nov 20, 2014 21:27 |
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Franks Happy Place posted:The Globe and Mail, via Ben Rabidoux: Six years at approx three percent in my investment account is better than $500 in my hands now.
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# ? Nov 20, 2014 21:41 |
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When you look at household debt levels I think it's a dangerous assumption to make that people are opting for these long term car payments so they can invest the cost of the car rather than because it's the only way to make their brand new car payment manageable with the mountain of other debt they are carrying. It's fine if you do it for the right reasons but don't ascribe that level of financial acumen to everyone.
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# ? Nov 20, 2014 22:27 |
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flashman posted:When you look at household debt levels I think it's a dangerous assumption to make that people are opting for these long term car payments so they can invest the cost of the car rather than because it's the only way to make their brand new car payment manageable with the mountain of other debt they are carrying. It's fine if you do it for the right reasons but don't ascribe that level of financial acumen to everyone. Also: most people's understanding of (A) the time value of money, (B) opportunity cost, (C) the sort of shenanigans that dealerships, manufacturers and financing jokers get up to to bury the cost of financing versus principal is, shall we say, lacking. If, as in @cowofwar's case, they truly do offer a better deal with the 0% financing, fine, but I'd be marching into the dealership manager's office with an NPV calculation pretty quickly if I were in that position (to zero effect, I'm sure). Lexicon fucked around with this message at 23:02 on Nov 20, 2014 |
# ? Nov 20, 2014 22:59 |
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Lexicon posted:If, as in @cowofwar's case, they truly do offer a better deal with the 0% financing, fine, but I'd be marching into the dealership manager's office with an NPV calculation pretty quickly if I were in that position (to zero effect, I'm sure). Yeah, I suspect that if the math doesn't end in your favour when you offer to pay cash, you aren't negotiating hard enough.
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# ? Nov 20, 2014 23:14 |
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Franks Happy Place posted:Yeah, I suspect that if the math doesn't end in your favour when you offer to pay cash, you aren't negotiating hard enough. That's probably true, but it wouldn't surprise me if the profit maximizing strategy gets muddled somewhere between the quants at the finance arm and the bros in the dealership. The car business is, after all, utterly dysfunctional.
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# ? Nov 21, 2014 00:10 |
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Lexicon posted:That's probably true, but it wouldn't surprise me if the profit maximizing strategy gets muddled somewhere between the quants at the finance arm and the bros in the dealership. The car business is, after all, utterly dysfunctional. True, but then just don't buy a new car like an idiot.
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# ? Nov 21, 2014 00:57 |
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Franks Happy Place posted:True, but then just don't buy a new car like an idiot. I'm mercifully not in the business for a vehicle, and hope to never be if I continue to structure my life correctly, but right now, I probably would buy a new one versus hitting up the used market. A friend of mine works at a dealership chain - apparently the GFC really altered the pipeline of used vehicles and so there's a genuine shortage of decent used vehicles at decent prices. Given that, I'd rather go new than pay over the odds for used. I agree with your sentiment generally, but I think it's as less true right now as it's ever been.
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# ? Nov 21, 2014 01:30 |
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flashman posted:Thats why we should only let in the rich ones... You can write a government report and be paid a five-figure amount for this insight, you know.
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# ? Nov 21, 2014 01:54 |
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Sassafras fucked around with this message at 21:36 on Nov 29, 2014 |
# ? Nov 21, 2014 03:12 |
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CMHC probing Canadian house 'premium' to U.S. pricesquote:Canada Mortgage and Housing Corp. says Canadian housing prices have been higher than U.S. prices in real terms since 2006, an indication that the market here may be overvalued.
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# ? Nov 21, 2014 03:29 |
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Lexicon posted:You should be concerned as a Canadian citizen and taxpayer, but not necessarily as a customer. It's not like they're taking on any risk – the CMHC is happily covering that. All my money is in 10 year cheese. No worries so long as power doesn't go out. Which isn't a concern as I don't live in a third world hellhole.
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# ? Nov 21, 2014 06:02 |
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Lexicon posted:The car business is, after all, utterly dysfunctional. If anyone is interested in just how hosed up the car business can be, have a listen to This American Life - 129 Cars They send half a dozen reporters to a Jeep dealership in upstate New York and they follow the staff as they try to hit their October 2013 sales target to get a bonus from the manufacturer.
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# ? Nov 21, 2014 15:25 |
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Antifreeze Head posted:If anyone is interested in just how hosed up the car business can be, have a listen to This American Life - 129 Cars Sweet - thanks! I don't listen to TAL regularly, as I find it hit or miss, but its good episodes are typically tremendous.
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# ? Nov 21, 2014 17:19 |
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Antifreeze Head posted:If anyone is interested in just how hosed up the car business can be, have a listen to This American Life - 129 Cars Oh man, that was a good one! I generally felt like everyone was pretty much screwed in that story (as in their life spiraling out of control, month after month.)
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# ? Nov 21, 2014 17:39 |
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http://globalnews.ca/news/1674660/the-biggest-money-mistakes-canadians-make/quote:TORONTO - When it comes to debt and spending, there are mistakes and then there are Mistakes. Small luxury purchases won’t necessarily derail your long-term financial goals, but consistently living beyond your means, amassing consumer and credit card debt, and not saving for retirement could cripple someone for years to come. This crash is gonna be ~*awesome*~ I don't think I'll have enough sperm to jack off commensurate with the number of ruined lives
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# ? Nov 23, 2014 04:51 |
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Cultural Imperial posted:http://globalnews.ca/news/1674660/the-biggest-money-mistakes-canadians-make/ A friendly reminder at the peak of the US real estate bubble americans on average were debt loaded up to 130%, so 163% is even worse than the excesses of the US credit bubble.
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# ? Nov 23, 2014 05:02 |
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I thought they were up to 164%
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# ? Nov 23, 2014 05:08 |
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Cultural Imperial posted:I thought they were up to 164% The blurb in the article said it's now up to 167% debt loading.
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# ? Nov 23, 2014 05:09 |
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Cultural Imperial posted:According to Consolidated Credit, the average Canadian family owes an average of $20,759 in debt – without factoring in mortgage debt. This is stunning, if true. I look around me in BC and I see a lot of what appears to be the trappings of success: nice cars, homes, vacations, etc. I find it very hard to internalize the reality that most of it is illusory, and built on lies and debt. edit: Now is it that the average family owes an average of $20k or the average family with debt owes an average of $20k?
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# ? Nov 23, 2014 05:17 |
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Lexicon posted:. U r breaking my mind
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# ? Nov 23, 2014 05:20 |
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Lexicon posted:This is stunning, if true. I look around me in BC and I see a lot of what appears to be the trappings of success: nice cars, homes, vacations, etc. I find it very hard to internalize the reality that most of it is illusory, and built on lies and debt. It's a bit unclear. Average is kind of a bad metric as well, but there's still clearly something bad going on.
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# ? Nov 23, 2014 05:22 |
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Lexicon posted:This is stunning, if true. I look around me in BC and I see a lot of what appears to be the trappings of success: nice cars, homes, vacations, etc. I find it very hard to internalize the reality that most of it is illusory, and built on lies and debt. It's very rare that people in Canada pay for big purchases in cash. Fun little side-note: A lot of people aren't aware that if you pay interest-only on a maxed-out credit line for an extended period of time, your bank can re-assess our interest rate and increase it. Sure, interest-only is your credit line's minimum obligation, but to a bank this type of habit makes you a higher risk borrower. I've seen LOCs go from Prime + 3% to prime + 6%, because of this. And when they do, there's a 100% chance that the client will call the bank freaking the gently caress out about their new rate. melon cat fucked around with this message at 05:56 on Nov 23, 2014 |
# ? Nov 23, 2014 05:49 |
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I like the bit how the increase net worth was due to real estate prices going upquote:Meanwhile, household net worth rose 2.3 per cent in the second quarter, to a record $8.1-trillion (or $227,000 per person), driven primarily by a continued rise in real estate values So basically not going up due to more cash savings or stock/bond investments.
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# ? Nov 23, 2014 05:58 |
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Lexicon posted:This is stunning, if true. I look around me in BC and I see a lot of what appears to be the trappings of success: nice cars, homes, vacations, etc. I find it very hard to internalize the reality that most of it is illusory, and built on lies and debt. If anything, the propensity for Canadians to borrow for furniture, cars, even vacations, as well as carry credit card debt (which is just mind boggling since most of these "highly financially literate" people could take out a line of credit and instantly be paying 1000 bps+ less interest) is increasing, not decreasing. I don't know if it's misguided optimism about the economy, hubris that we didn't collapse with the U.S., or more effective loan advertising, but it seems to be pervasive that we're borrowing for discretionary expenses, or at best to buy depreciating assets. This non-mortgage debt is going to make the housing collapse all that much more painful, and I would be lying if I said I'm not going to take joy in smugly being right (then we'll go put a 50% down payment on the house we'll live in for the next 20 years).
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# ? Nov 23, 2014 05:59 |
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Well that makes me feel better about being yelled at for riding on my road bike by a soccer mom in a tesla. This city is at loving peak rear end in a top hat.
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# ? Nov 23, 2014 06:00 |
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melon cat posted:And that's the funny thing about the average Canadian household- a lot of it is illusory. That sweet new ride your neighbour got? Yeah, it's either leased or secured by a $30,000 car loan. Those fancy renovations that they're doing to their large-lot house? It's covered by their home equity credit line. Even the high-income earners are leveraged up to their eyeballs, and the moment they pay their biweekly mortgage and free up some equity, they immediately borrow it under their HELOC. I've even done several credit applications for people who wanted a credit line so they could go on a vacation. And there's thousands of people who transfer their credit card balances to other banks under promo 1.99% balance transfers offers, then play a game of "credit card debt hot potato" and just hop between whichever banks offer them low balance transfer rates. One thing many people don't realize is that your bank can straight up rewrite your spread whenever the gently caress they want on an unsecured line. My TD line for example increased from prime minus 50 to prime plus 100 in the middle of the credit crisis. I'm not sure personal loc spreads have ever come all the way back.
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# ? Nov 23, 2014 06:01 |
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Cultural Imperial posted:Well that makes me feel better about being yelled at for riding on my road bike by a soccer mom in a tesla. I try to stay positive and have met some really nice people since I moved here but in general, yeah, gently caress Vancouverites.
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# ? Nov 23, 2014 06:03 |
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Cultural Imperial posted:http://globalnews.ca/news/1674660/the-biggest-money-mistakes-canadians-make/ The thing that stands out to me about that article: why in gently caress's name would you want more than two bathrooms unless you've procreated way more than you ought to have? Frankly, every bathroom I have is a bathroom I need to clean, so having just the one is about as great as it gets.
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# ? Nov 23, 2014 06:05 |
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PT6A posted:The thing that stands out to me about that article: why in gently caress's name would you want more than two bathrooms unless you've procreated way more than you ought to have? Frankly, every bathroom I have is a bathroom I need to clean, so having just the one is about as great as it gets. I don't wanna share my master bathroom with the inlaws who visit once every two years, that's just gross
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# ? Nov 23, 2014 06:08 |
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Buskas posted:I try to stay positive and have met some really nice people since I moved here but in general, yeah, gently caress Vancouverites. What takes the cake for me; I saw a pregnant woman and an old lady crossing a street at an uncontrolled instersection. A chachi in a bmw stops perpendicular to the two ladies crossing the street. Before driving off, he rolls down the window and says "you're welcome".
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# ? Nov 23, 2014 06:12 |
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melon cat fucked around with this message at 04:40 on Mar 16, 2019 |
# ? Nov 23, 2014 06:36 |
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Mine had nothing to do with my credit profile and everything to do with the bank's inability to continue to offer negative prime spreads at the time due to where funding rates were vs consumer rates. I got a very politely worded letter calling attention to the bank's right to adjust the spread. I was undrawn so it didn't cause any particular pain, just an annoyance.
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# ? Nov 23, 2014 07:29 |
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# ? Nov 23, 2014 09:42 |
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WOW AUSTRALIA IS DOING GREAT!
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# ? Nov 23, 2014 13:57 |
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hey there's no problem here
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# ? Nov 23, 2014 16:10 |
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# ? May 21, 2024 17:59 |
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http://www.cbc.ca/news/canada/inheritance-tension-why-more-families-may-be-headed-for-court-1.2840370quote:
fuuuuuuucking looool canadians asking for advances on their inheritance lmao loving scum namaste friends fucked around with this message at 17:12 on Nov 23, 2014 |
# ? Nov 23, 2014 17:10 |